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2024 World Korean Business Convention connects domestic, overseas corporate leaders

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Overseas Koreans Agency Commissioner Lee Sang-deok speaks during a press conference for the 2024 World Korean Business Convention at Jeonbuk National University in Jeonju, North Jeolla Province, Tuesday. Yonhap

Overseas Koreans Agency Commissioner Lee Sang-deok speaks during a press conference for the 2024 World Korean Business Convention at Jeonbuk National University in Jeonju, North Jeolla Province, Tuesday. Yonhap

By Jhoo Dong-chan

JEONJU _ The World Korean Business Convention started at Jeonbuk National University in Jeonju, North Jeolla Province, on Tuesday.

The three-day annual event is the 22nd of its kind since 2002, serving not only as a communication channel but also connecting local and overseas business leaders.

This year's event is hosted by the Overseas Koreans Agency under the sponsorship of the North Jeolla Provincial Government, the Jeonju city government and the Korea Federation of SMEs.

According to the Overseas Koreans Agency, some 3,000 overseas Korean business leaders are participating in the event, while 326 companies are showcasing their products at the special venue occupying 8,200 square meters of the campus. Of the 326, 154 are local firms from North Jeolla Province.

About 30 global social media influencers were also invited to the event to promote their products while facilitating participants' business networking. The event is also open to college students.

"This year's event is held at a college campus for the first time," Overseas Koreans Agency Commissioner Lee Sang-deok said during a press conference for the event at the university's campus on Tuesday.

"I hope the event also serves as a window where local and overseas business leaders share their valuable experiences with young experts."

Shortly after the opening ceremony on the first day, four local businesses clinched export deals collectively worth 8.1 billion won ($6 million), according to the Overseas Koreans Agency.

Guardrail maker KSI Korea bagged a $3 million export deal with South Africa's LIB Africa, while Gimje-based Foodware signed an export contract worth $1 million with the Netherlands KAICO B.V.

PSBBIO and Design Nongboo respectively inked export deals worth $1 million with Taeyang De Mexico Sa De CV in Mexico and KS Global Trading in Australia.

"The North Jeolla Provincial Government and the Overseas Koreans Agency have long worked together to assist promising local businesses here," the Overseas Koreans Agency said in a press release. "We have counseled some 500 firms in North Jeolla Province in a bid to find their ideal business partners overseas."

The agency added it will continue providing follow-up assistance for these firms even after they sign export deals with foreign buyers.

"Their long efforts finally bore fruit," North Jeolla Province Gov. Kim Kwan-young said after the four firms' signing ceremony at the university campus.

"North Jeolla Province will also continue to do its best to encourage and support local firms' export activities."

Apart from firms' business activities, renowned leaders also shared their experiences with young students at an event program on the first day.

UCLA mechanical and aerospace engineering professor Dennis Hong hosted a three-hour lecture on technology innovation and business models.

In a bid to establish digital consular services while strengthen overseas Koreans' ties with their mother country, the Yoon Seok Yeol administration founded the Overseas Koreans Agency in June 2023.

According to Ministry of Foreign Affairs data, the number of overseas Koreans worldwide reached 7.32 million as of 2021, consisting of 4.8 million foreign nationals and 2.5 million Korean nationals.

Jhoo Dong-chan jhoo@koreatimes.co.kr


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